Bank payments are made on the blockchain

Question

I am thinking about making a service in which my customers can pay for me via bank accounts, credit cards, paypal or whatever. But the point is that the payment process will be made on the blockchain. Here's what I thought: I would make a mobile app in which when a new person A registers to use my service, he has to give the information about his bank accounts (bank numbers, passwords,..). This information will not be stored on my server, instead, it will be stored somewhere on the blockchain. When A wants to pay, he will send something (like a private key) to my app. The app should use that information to call a smartcontract to get access to the bank information of A that was stored somewhere on the blockchain. Then the smartcontract will handle the bank payment process via the information of A's bank account. I am a programmer and relatively new to blockchain and I don't really know if the idea could work. The point is that all the infomation like bank numbers, passwords should be stored in blockchain and the only thing my app server does is getting something (or an authorization) of users that allow my smartcontract to access these information. Does anyone know if this idea can be applied? If yes, is there any concrete solution for this idea?

Answer 1

This won't work for multiple reasons.

• In blockchains, all data is public. It is not a place to store passwords or banking info.
• This will cost you and users a lot-storage on Ethereum or any other smart contract chain is expensive.
• You don't really utilize smart contracts here-you just store data.

End result: either make payments over the blockchain instead of storing people's banking information there, or just store your information on a server.